Gold prices closed marginally lower at ₹75,933 per 10 grams on Monday against ₹75,964 per 10 grams logged on Friday, as per the Indian Bullion and Jewellers Association of India data.
Gold prices in the US market closed flat at $2,634 an ounce supported by strong US economic growth indicators. The escalation in the Israel-Iran war has pushed up demand for gold but the rally was capped by the strengthening dollar against other key currencies
On MCX, the yellow metal for December delivery was down marginally by ₹40 per 10 grams at ₹76,103 on Monday.
Jateen Trivedi, VP Research Analyst, LKP Securities said gold prices saw a positive surge after initial weakness, driven by escalating geopolitical tensions between Iran and Israel.
From here on, the yellow metal prices will be driven by the US Fed’s meeting minutes (Oct 9) and US CPI data (Oct 10), he said. RBI policy on Wednesday is also expected to influence the Rupee, potentially affecting gold prices further, he added.